Widely recognized on-chain researcher in the crypto community, ZachXBT, recently criticized USDC issuer Circle, accusing the company of prioritizing profit over the ecosystem.
ZachXBT noted that Circle has been slow to act on key security issues, citing the company’s delayed response to blacklisting funds linked to the North Korean hacker group Lazarus. According to ZachXBT, Circle took 4.5 months longer than other major stablecoin issuers to freeze stolen assets despite the DeFi vulnerabilities being revealed.
ZachXBT’s criticism stands in contrast to the reputation of Tether, which has often been praised for acting quickly when freezing funds involved in malicious activity, despite frequent criticism of its compliance.
In a post on X (formerly Twitter) on Friday, Allaire expressed optimism about the U.S.’ role in shaping the future of crypto. “The U.S. is at a ‘turning point’ in crypto and is about to become a ‘decisive leader’ in nurturing the technology,” Allaire wrote.
Allaire’s comments come amid complaints from some in the crypto community that the U.S. government has become increasingly hostile toward the industry. However, Allaire believes the U.S. government is taking steps to encourage innovation rather than stifle it.
*This is not investment advice.
